Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 103.8% as of Jun 7th.</li>
<li>The average A-H premium changed by -4.8ppt week-on-week, led by consumer staples, information technology, utilities and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for PetroChina, Huadian, Hua Hong Semi, Junshi, GWM.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 103.8% as of Jun 7th.
The average A-H premium changed by -4.8ppt week-on-week, led by consumer staples, information technology, utilities and offset by consumer discretionary.
We highlight weekly changes in A-H premium for PetroChina, Huadian, Hua Hong Semi, Junshi, GWM.


A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 31st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Akeso, China Longyuan, Meituan, Baba, BOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 31st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Akeso, China Longyuan, Meituan, Baba, BOC.


HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 7th.</li>
<li>We estimate the weekly inflows to be US$946.1 million, led by information technology, health care, utilities sectors, and offset by consumer staples, financials, energy.</li>
<li>We highlight flows for China Yangtze Power, Jinko Solar, Naura Technology, Will Semiconductor, China National Nuclear Power, Midea, Moutai, Bank Of Jiangsu, Wuliangye, Inovance.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 7th.
We estimate the weekly inflows to be US$946.1 million, led by information technology, health care, utilities sectors, and offset by consumer staples, financials, energy.
We highlight flows for China Yangtze Power, Jinko Solar, Naura Technology, Will Semiconductor, China National Nuclear Power, Midea, Moutai, Bank Of Jiangsu, Wuliangye, Inovance.


Northbound Flows (Jun 7th): China Yangtze Power, Jinko Solar, Naura Technology, CNNP

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NIO US: NIO’s losses expanded in the first quarter of 2024, and C2Q likely will see better numbers.(/)</li>
<li>NIO US:  Nio plans to launch the 3rd brand in December to target low end market.(/)</li>
<li>LI US: LI L6 production capacity ramps up and delivery cycle shortens(+)</li>
</ul>


NIO US: NIO’s losses expanded in the first quarter of 2024, and C2Q likely will see better numbers.(/)
NIO US:  Nio plans to launch the 3rd brand in December to target low end market.(/)
LI US: LI L6 production capacity ramps up and delivery cycle shortens(+)


[Blue Lotus Daily]:NIO US/LI US/XPEV US/1211 HK/1810 HK

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We summarize the May 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Apr 2024 retail sales volume for each model, as May 2024 retail sales volume data have not been released yet.</li><li>The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German and Japanese brands. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We summarize the May 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Apr 2024 retail sales volume for each model, as May 2024 retail sales volume data have not been released yet.The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German and Japanese brands. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Foreign Brands’ Pricing System Has Faltered

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

We highlight weekly changes in A-H premium for PetroChina, Huadian Power, Hua Hong Semi, Shanghai Junshi, Great Wall Motor.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

We analyzed the latest HK SFC report for aggregate short position as of May 31st and highlight short interest changes in Akeso, China Longyuan,...

Ke Yan, CFA, FRM

Northbound Flows (Jun 7th): China Yangtze Power, Jinko Solar, Naura Technology, CNNP

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Yangtze Power, Jinko Solar, Naura Technology,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:NIO US/LI US/XPEV US/1211 HK/1810 HK

NIO US reports increased losses in Q1 2024 but expects improvement in Q2; plans to launch 3rd brand for low-end market. LI sees production...

Blue Lotus Research Institute

Auto - Foreign Brands’ Pricing System Has Faltered

The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jun 7th): PetroChina, Huadian, Hua Hong Semi, Junshi, GWM

We highlight weekly changes in A-H premium for PetroChina, Huadian Power, Hua Hong Semi, Shanghai Junshi, Great Wall Motor.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Akeso, China Longyuan, Meituan, Baba, BOC

We analyzed the latest HK SFC report for aggregate short position as of May 31st and highlight short interest changes in Akeso, China Longyuan,...

Ke Yan, CFA, FRM

Northbound Flows (Jun 7th): China Yangtze Power, Jinko Solar, Naura Technology, CNNP

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Yangtze Power, Jinko Solar, Naura Technology,...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:NIO US/LI US/XPEV US/1211 HK/1810 HK

​NIO US reports increased losses in Q1 2024 but expects improvement in Q2; plans to launch 3rd brand for low-end market. LI sees production...

Blue Lotus Research Institute

Auto - Foreign Brands’ Pricing System Has Faltered

The industrywide average discounts widened by 0.6ppt MoM in May based on our calculations, the largest MoM increase YTD, mainly driven by German...

CMB International

NIO US reports increased losses in Q1 2024 but expects improvement in Q2; plans to launch 3rd brand for low-end market. LI sees production...